Describe the Principle of Principle of Diminishing Returns?

Answer 1

Taking on a second job so you have more money to go out and play around with... well, now that you have a second job, you longer have the time or energy to make full use of the money due to all your time being taken up with work.

Or, hiring too many employees to get a job done.

Say with 1 it takes 2 hours. With 2 it takes 1 hour. With 3 it takes 50 minutes. With 4 it takes 45 minutes. Now is it really worth paying 4 people instead of 2 to reduce by so little?

Answer 2

In simplist terms,
If one loves ice cream and eats an uncontrollabe amount, there will be a point when it gives no satisfaction/return.

As states and Congress increase taxes on a product, less of that product will be consumed, resulting in less taxes returned.
Apply it to anything.

You must be a Congressman to ask this.

Answer 3

The more you have of something the less you want it over time.